Marketingmix is an important component to an organization because it has theability of influencing the decision of the buyer. This emanates fromthe value that is attached to the product. However, although Peter &Donnelly perceives product strategy as the most important componentof the marketing mix, I feel that pricing strategy can also be viewedas equally important component of the marketing strategy. Thisemanates from the reasoning that consumers are always attracted bythe price that an organization is selling its products or services.For example, a certain product may be priced differently, when itcomes to different organizations, but when the products are of equalvalue from the two organizations and pricing strategies aredifferent, it would be of greater value to the organization charginga lower price because customers will tend to identify with theorganization (Jensen,2013). Nevertheless, an organization that concentrates more on theprice strategy may be considered to have inferior goods because mostpeople believe that if a product is priced lowly, it might haveinferior quality (Nagle,2014). Although this may be a construed by many individuals, pricestrategy still remains to be an important component in marketing mixjust like product strategy.
DespiteAnderson and Tushman providing information that indicates that marketresearch may be non-linear, market research emerges as an exceedinglyimportant component to an organization because it helps indetermining different aspects of an organization (Aaker,2010). For instance, it is through market research that anorganization can be in a position to price its commodities or evenplan when to market its products, especially for agriculturalproducts. This makes market research an exceedingly vital aspect toany organization. On the other hand, innovation can be seen as animportant aspect because it helps an organization in realizing thechange that is most needed for instance, technological change(Parasuraman&Krishnan,2009).
Aaker,D. A. (2010). Marketingresearch.Hoboken, N.J: Wiley.
Jensen,M. (2013). Settingprofitable prices: A step-by-step guide to pricing strategy–withouthiring a consultant.Hoboken, N.J: John Wiley & Sons.
Nagle,T. (2014). Thestrategy and tactics of pricing: A guide to growing more profitably.Pearson.
Parasuraman,A., Grewal, D., & Krishnan, R. (2009). Marketingresearch.Boston, MA: Houghton Mifflin Co.
Richter,T. (2012). Internationalmarketing mix management: Theoretical framework, contingency factorsand empirical findings from world-markets.Berlin: Logos.
Smith,T. J. (2012). Pricingstrategy: Setting price levels, managing price discounts, &establishing price structures.Mason, Oh: South-Western Cengage Learning.